Managing Your Money

By: Madison Hoinkes

Saving Accounts

- Place for you to store extra cash

-Easy access in an emergency

-Not so easily accessible that you'll spend the money on things you do not need to spend the money on.

Types of Saving Accounts

Regular saving

Online Savings

Money Market Deposit

Certificates of deposit

Automatic Savings

Advantages

-Easy set up and maintain

-Links directly to checking account

-quickly and easily move money between the two accounts

Disadvantages

-Very low interest rates

-does not make your money work for you

-may want to minimize the amount of money you keep in a regular savings account